O’Fallon Retains AA+ Bond Rating from Standard & Poor’s
O’Fallon, Illinois – March 9, 2017 - Mayor Gary L. Graham is pleased to announce that the City of O’Fallon has once again received an AA+ bond rating from Standard & Poor’s Rating Services.
“I am proud of the fact that we have successfully been able to earn and maintain our excellent bond rating. This great bond rating verifies the fact that we work very hard to manage the City in a responsible and fiscally sound manner,” stated Mayor Graham.
“During this election season, statements have been made about how high the City’s debt has risen,” stated Mayor Graham. “The retention of the AA+ bond rating proves that the City has not acquired more debt than can be effectively managed with current, dedicated revenue streams. In addition, the City’s overall financial position, with a three to one assets to debt ratio, is very strong and sustainable.”
The recent Standard & Poor’s report stated the superb bond rating reflects the City’s “strong economy, access to the broad and diverse St. Louis economy, very strong budgetary flexibility, strong overall budgetary performance, very strong liquidity and strong management conditions, with strong institutional framework”.
Standard & Poor’s stable outlook reflects the rating company’s expectation that the City of O’Fallon will maintain very strong budgetary flexibility and liquidity in order to maintain its sound financial operations and strong reserves.
In 2013, when O’Fallon first achieved a AA+, the City’s bond rating was in the top 94% of all cities, parks, counties and school districts in Illinois and one of the top in the Metro East area. As of March 8, 2017, only two cities in the Metro East area have an AA+ rating: O’Fallon and Swansea, the next closest municipality with a rating as high as AA+ is located near the Chicago metropolitan area.
Additional Information Contact:
Pamala L. Funk
Asst. City Administrator
624-4500, ext. 8731